Bitcoin Spikes Above $61,000 as Fed Implements 50 Bps Rate Cut
Portfolio Pulse from Murtuza Merchant
Bitcoin surged past $61,000 following the U.S. Federal Reserve's unexpected 50 bps rate cut, which exceeded the anticipated 25 bps reduction. This move has sparked optimism in risk asset markets, including cryptocurrencies. Ethereum also saw a rise, hitting $2,363 before retracting. The Fed's decision marks a significant shift in monetary policy, potentially benefiting cryptocurrencies.
September 18, 2024 | 6:55 pm
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Bitcoin surged past $61,000 after the Fed's unexpected 50 bps rate cut, indicating a positive short-term impact on its price. The move has sparked optimism in risk asset markets.
The Fed's larger-than-expected rate cut has led to increased optimism in risk assets, including Bitcoin. This monetary policy shift is seen as favorable for Bitcoin's price in the short term.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100
POSITIVE IMPACT
Ethereum followed Bitcoin's trend, rising to $2,363 before retracting. The Fed's rate cut has positively impacted Ethereum's short-term price outlook.
Ethereum's price increase aligns with Bitcoin's surge following the Fed's rate cut, indicating a positive short-term impact on its price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 80